Market Close - October 8, 2013 - 10/08/13
Stocks ended at their worst levelsof the session. The Dow Jones Industrial Average gave up over 159 points to14,776, the S&P 500 fell 20 points to 1655 and the NASDAQ shed 75 points toclose at 3694. The major averages declined to their lowest levels in a month asthe government shutdown entered its eight day and as lawmakers failed to makeprogress in reaching a debt limit agreement. Most sectors on the S&P endedlower, led by declines in telecom stocks. Shares of Verizon were down 1.5% to$46.05. J.C. Penny rose 0.8% to $7.77 after the retailer reportedstronger-than-expected sales trends and an improvement in liquidity. In othernews, Jamba Juice fell 18.8% to $10.94 after the company reduced theircurrent-quarter sales forecasts and warned of a persisting difficultenvironment. Composite volume on the NYSE was 3.5 billion shares with decliningissues besting advancers by a 4-1 margin. The NASDAQ was 4-1 negative on issuesas well. Turning to fixed income markets, Treasuries were modestly lower alongthe curve. The benchmark 10-year note was down 3/32 to yield 2.64 % and the30-year bond fell 1/32 to yield 3.70%.
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